KARACHI: Pakistan Stock Exchange on Thursday witnessed a rangebound session and after moving both ways, closed on a negative note due to selling pressure on investors’ concerns over prevailing economic situation in the country.
The benchmark KSE-100 Index hit 40,378.60 points intraday high and 40,091.38 points intraday low before closing at 40,152.05 points, down 68.75 points or 0.17 percent.
The daily volumes on ready counter slightly increased to 116.478 million shares as compared to 97.020 million shares traded on Wednesday. The daily traded value on ready counter declined to Rs 2.560 billion against previous session’s Rs 3.572 billion.
BRIndex100 lost 8.91 points or 0.22 percent to close at 3,956.09 points with total daily turnover of 102.348 million shares.
BRIndex30 inched down by 16.58 points or 0.12 percent to close at 13,541.53 points with total trading volumes of 82.194 million shares.
Foreign investors were however net buyers of shares worth $220,467. The market capitalization declined by Rs 12 billion to Rs 6.170 trillion. Out of total 309 active scrips, 169 closed in negative and 106 in positive while the value of 34 stocks remained unchanged.
K-Electric was the volume leader with 27.046 million shares and gained Rs 0.11 to close at Rs 1.68 followed by WorldCall Telecom that lost Rs 0.01 to close at Rs 1.10 with 25.455 million shares. Bank of Punjab closed at previous session’s closing level of Rs 3.30 without any change with 3.297 million shares.
Unilever Foods and Pak Tobacco were the top gainers increasing by Rs 1450.90 and Rs 28.85 respectively to close at Rs 23449.90 and Rs 648.85 while Nestle Pakistan and Bata Pak were the top losers declining by Rs 202.50 and Rs 57.00 respectively to close at Rs 6447.50 and Rs 1693.00.
An analyst at Arif Habib Limited said that another range-bound session was tapped at the PSX. The benchmark KSE-100 index began the day in the green but the index swung both ways owing to lack of reasons to trigger investors activity closing in the red losing 68.74 points net. Investor participation remained sideways in wake of the delayed IMF deal. Volumes across the board were dull while the 3rd tier stocks led the volume board.
Sectors contributing to the performance include Chemical (down 50.5 points), Fertilizer (down 30.5 points), Commercial Banks (down 15.9 points), OMCs (down 13.2 points) and Inv. Banks/Inv. Cos/Securities Cos. (down 8.0 points). BR Automobile Assembler Index surged by 147.05 points or 1.92 percent to close at 7,822.87 points with total turnover of 563,548 shares.
BR Cement Index inched down by 4.49 points or 0.1 percent to close at 4,457.66 points with 5.398 million shares.
BR Commercial Banks Index lost 17.56 points or 0.22 percent to close at 8,128.27 points with 13.646 million shares.
BR Power Generation and Distribution Index increased by 73.26 points or 1.06 percent to close at 6,992.68 points with 30.749 million shares.
BR Oil and Gas Index fell by 9.85 points or 0.26 percent to close at 3,712.27 points with 9.028 million shares.
BR Tech. & Comm. Index closed at 3,544.25 points, down 7.05 points or 0.2 percent with 31.129 million shares.
Mubashir Anis Naviwala at JS Global Capital said that the KSE-100 Index lost 69 points to close at the 40,152 level. Lack of interest by investors was observed due to the rollover week and absence of clarity over the IMF program.
Volumes stood at 116 million shares where top volume contributors were KEL (up 7.0 percent), WLT (down 0.9 percent), BOP (zero percent), SNBL (up 0.2 percent) and TRG (down 1.6 percent).
Copyright Business Recorder, 2023
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